EUR/JPY is trading a quarter of a percent higher at just above 161.00 on Friday, after the release of Eurozone inflation data for July met economists’ expectations.
EUR/JPY is recovering after several days of weaknessafter Eurozone inflation comes out as expected. It had been speculated the result would fall below expectations because of weaker-than-forecast German and Spanish inflation on Thursday. Japanese data showed an uptick in inflation in Tokyo which suggests the BoJ could raise rates, supporting JPY.
2% and is unlikely to fall much before 2025 given the generous forecast for wage increases during the second half of 2024. “Negotiated wage growth will stay high in the second half of the year, which is likely to keep service price inflation high as well,” says Svendson. In addition, core CPI inflation remains relatively high at 2.8% and is “proving sticky” according to the analyst. EUR/JPY may remain range bound as the Japanese Yen gains support from recent Japanese data.
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